Wren House Infrastructure on KIA's US$550 Million Investment in GNF's Global Electricity Generation Business

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Wren House Infrastructure on KIA's US$550 Million Investment in GNF's Global Electricity Generation Business

Kuwait Investment Authority (KIA) has invested US$550 million in Global Power Generation (GPG), the global electricity generation business of Spanish gas and electricity group Gas Natural Fenosa.

Global law firm White & Case LLP has advised Wren House Infrastructure on the investment. Wren House was established in 2013 to manage all KIA infrastructure investments, globally. KIA, the world's oldest sovereign wealth fund, is responsible for the management and administration of Kuwait's General Reserve Fund, Future Generation Fund and other funds of the State of Kuwait.

Under the terms of the transaction, which is expected to close before the end of 2015 and is subject to regulatory approvals, KIA will take a 25 percent stake in GPG.

In October 2014 Gas Natural Fenosa announced the creation of GPG to boost its international business generation and to open up new markets, as reflected in the lines for growth put forward in its current strategic plan. The company came to life with 2,852 MW of generating capacity in operation, 284 MW under construction, and an 850 MW project pipeline. Moreover, it will also have approximately 800 professionals engaged in the international generation business.

GPG comprises all the international generation assets of the Group in Mexico (four combined cycle plants and the Bii-Hioxo wind farm); Costa Rica (La Joya and Torito hydroelectric plants); Puerto Rico (combined cycle); the Dominican Republic (thermal power plant); Panama (hydraulic power station and thermal power plant), Kenya (thermal power plant) and Australia (wind-power projects in development).

The company is led by Javier Fernández, as CEO of the company. Mr. Fernández has served up to now as the General Manager of Generation of the Group.

GPG responds to the interest of Gas Natural Fenosa to accelerate and enhance the growth of the generation business internationally and to evaluate investments in new markets outside Europe, where it is anticipated that the needs of new generation will be concentrated in the near future.

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